Question
The following table shows the adjusted trial balance of Scott Company: Scott Company Adjusted Trial Balance, December 31, 2016 Cash $100,000 Accounts receivable 7,000 Prepaid
The following table shows the adjusted trial balance of Scott Company:
Scott Company
Adjusted Trial Balance, December 31, 2016
Cash | $100,000 |
|
Accounts receivable | 7,000 |
|
Prepaid Insurance | 9,000 |
|
Office supplies | 3,300 |
|
Office equipment | 8,000 |
|
Accumulated depreciation - Equipment |
| $3,200 |
Building | 430,000 |
|
Accumulated depreciation - Building |
| 42,000 |
Accounts payable |
| 5,800 |
Salaries payable |
| 14,500 |
Interest payable |
| 2,500 |
Long-term note payable |
| 52,000 |
Common stock |
| 50,000 |
Retained earnings |
| 160,000 |
Dividends | 20,000 |
|
Service fees earned |
| 280,300 |
Salaries expense | 20,000 |
|
Insurance expense | 5,200 |
|
Depreciation expense - Equipment | 800 |
|
Depreciation expense - Building | 7,000 |
|
|
|
|
Total | $610,300 | $610,300 |
The retained earnings of the Scott Company for the year is
Select one:
a. 247,300
b. 160,000
c. 387,300
d. 280,300
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